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On-demand logistics service provider Shadowfax announced $100 million in Series E funding led by NewQuest.
Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm and Trifecta Capital also participated in the round.
According to an official release, the round includes a combination of primary, secondary and venture debt financing.
Over the next 18 months, Shadowfax will use the funding to strengthen its middle-mile network and expand its last-mile delivery service to cover all 20,000 pin codes across India. A portion of the funding will also be used to develop cutting-edge services for direct-to-consumer (D2C) brands using cutting-edge technology and further strengthen Shadowfax’s express delivery network.
Abhishek Bansal, CEO of Shadowfax, said: “Our ability to capture greater market share, even in challenging economic conditions, is evidence of the core strength of our business. The addition of another high-profile investor only strengthens its strength.” Confidence in what we are building. ”
Founded in 2015 by IIT Delhi alumni Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra and Gaurav Jaisriya, Shadowfax is an e-commerce logistics service provider with a distribution network spanning over 2,500 cities and 15,000 PIN codes .
The company boasts a crowd-sourcing network with 125,000 monthly active delivery partners and 3.5 million registered customers. The company claims to deliver 2 million items per day.
“Shadowfax is revolutionizing the e-commerce logistics sector in India. We are impressed with the technology stack they have built. This will help us provide superior service.” Leverage metrics to quickly adapt your services to your clients’ changing needs at the lowest cost. ”
Ashish Dave, CEO of Mirae Asset Venture Investments (India), further added, “Shadowfax was our first investment in India and we have participated in each subsequent round, making it the company’s largest investment in consecutive quarters over the past five quarters. This is proof of the good results we have achieved.” We believe that logistics is the foundation of e-commerce and hyperlocal commerce and enables the growth of these markets. ”
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